This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tenaska Closes $450 Million Financing For Second California Solar Project

OMAHA, Neb., June 13, 2014 /PRNewswire/ -- Leading U.S. independent energy provider Tenaska closed $450 million in commercial financing today for Tenaska Imperial Solar Energy Center West, a 150-megawatt (MW) photovoltaic solar electric generating plant near El Centro, California, and Tenaska's second utility-scale project in the region.

Tenaska Imperial West will be the 17 th power generation project Tenaska has developed, financed and constructed, and its second solar facility. The company has approximately 5,000 MW of natural gas-fueled and renewable projects in pre-financing development, including more than 250 MW of solar power in Imperial County, California, and the 800-MW, natural gas-fueled Tenaska Brownsville Generating Station in Texas expected to begin commercial operation in 2017. In business since 1987, Tenaska has raised more than $13 billion in capital through bank facilities, capital market transactions, corporate facilities and equity, supporting approximately 9,000 MW of U.S. projects.

"We have a 27-year history of taking power projects from concept to reality and delivering them on time and within budget," said David Kirkwood, Tenaska vice president and treasurer. "Now we're leveraging our experience developing natural gas-fueled power plants for solar electric generation. Tenaska Imperial Solar Energy Center West's oversubscription and successful financing demonstrate the strength of the project."

An affiliate of Tenaska developed Tenaska Imperial West and before that Tenaska Imperial Solar Energy Center South, a 130-MW, utility-scale solar plant also near El Centro in Southern California's Imperial Valley. Tenaska Imperial South began commercial operation Nov. 1, 2013.

Tenaska plans to begin construction on Tenaska Imperial West later in 2014, with commercial operation expected in 2016. Like Tenaska Imperial South, Tenaska Imperial West will provide clean, renewable energy to San Diego Gas & Electric Company (SDG&E) under a 25-year power purchase agreement via SDG&E's Sunrise Powerlink transmission line.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,816.58 +26.39 0.16%
S&P 500 1,982.77 +2.85 0.14%
NASDAQ 4,752.8520 +4.4910 0.09%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs